AFC Energy confident after 'strategic reset'
By Josh White
Date: Thursday 06 Nov 2025
(Sharecast News) - AFC Energy said in an update on Thursday that it made "substantial progress" towards commercialising its hydrogen and clean power technologies in the year ended 31 October, with chief executive John Wilson saying the company was now positioned for "sustained revenue growth" in 2026.
The AIM-traded group reported unaudited cash and equivalents of £25.3m at year-end, up from £15.4m a year earlier, and revenue of £0.11m, reflecting what it described as a "strategic reset to accelerate commercial viability".
It said it had undergone a major reorganisation following an oversubscribed fundraising in July, reducing headcount by 17, closing its Stade facility in Germany, and consolidating its footprint to save around £1.5m annually from 2026.
"Since joining the business 10 months ago, our focus has been on building a business capable of disrupting our industry through utilising its proprietary technology, to create significant shareholder value," said Wilson.
"We have made substantial progress in fulfilling this objective, evidenced by the partnerships and agreements signed and developmental progress to date.
"I am confident that 2026 will be a year of conversion of our growing pipeline of opportunities to contractual orders and the beginning of sustained revenue growth for our business, without the need for government subsidies."
AFC said it had successfully completed the first phase of its joint development agreement with an S&P 500 partner, while deployments of its 30kW fuel-cell generators through the Speedy Hydrogen Solutions joint venture had increased.
The company's next-generation S+30 liquid-cooled generator, being developed with manufacturing partner Volex, remained on track for 2026 delivery at roughly 85% lower production cost than the current version.
It also highlighted progress on its Hy5 portable hydrogen cracker, designed to produce up to 500 kilograms of hydrogen per day.
The technology was expected to deliver hydrogen at £10 per kilogram - a price AFC described as "market disruptive in the UK", where current costs ranged from £40 to £110 per kilogram.
It said the first Hy5 unit would be commissioned at Industrial Chemicals Group's Port Clarence site, where AFC expected commercial hydrogen production to begin in the first half of 2026, subject to permitting.
AFC said recent developments in the US clean energy sector had strengthened long-term prospects for hydrogen and fuel-cell adoption, particularly in meeting the growing power needs of artificial intelligence data centres.
The firm said several major data-centre operators had committed to integrating fuel-cell systems for both primary and backup power, creating "an unprecedented level of commitment" to hydrogen technologies and a tangible market opportunity for its systems.
At 1444 GMT, shares in AFC Energy were down 4.69% at 8.53p.
Reporting by Josh White for Sharecast.com.
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